Undoubtedly, exchanges are one of the key elements of the ecosystem of cryptocurrencies. Without access to large trading floors, and therefore, liquidity, many cryptocurrencies are doomed to remain in the second echelon, regardless of the quality of their creators’ ideas.
The last example of a successful listing is Lisk, whose rate after the addition to the Japanese stock exchange bitFlyer rose by 60%.
Recently, the Bittrex exchange has told about its criteria for listing and delisting of cryptotokens, and now Binance does it.
Binance co-founder Ted Lin spoke about the company’s rules during a speech at the Blockchain Connect conference in San Francisco.
“I travel a lot around the world and attend various conferences, where I am always asked two questions: what will you add next, and how do we participate in this process. I think all this has reached the level of insanity, because people do not want to miss another big boom. Different teams from all parts of the world are trying to release their projects, having received financing in crypto-currencies and thereby promoting them to the masses,” he said.
According to Lin, the methods of including cryptocurrencies in the exchange list without a direct meeting with the developers are few. At the first stage, information can be taken from public sources. Lin argues that there is a big responsibility on exchanges, as users trust them in the matter of choosing cryptocurrency.
“Binance uses its own methodology. We have time-tested principles: we look at how good the team is and whether they have a worthy track record, whether they have released a work product or are at the alpha testing stage, or have only white paper, whether they use blockchain technology to solve real problems or do anything with this technology, just to raise money,” he explained.
According to Lin, Binance is primarily interested in projects that need traffic, not money.
“We do not like people who flaunt their lamps and say that they need us. We like humble people. We like commands with an existing user base. In addition, we check the projects for compliance with certain requirements, which we are not ready to call, because if we talk about these parameters, they will be able to adapt to them,” Lin added.
He said that less than 3% of teams are able to pass the Binance check. 97% of applications are rejected, including in the interests of investors.
“So do not worry if you did not get approval for listing on Binance, because, in fact, it’s fine,” Lin concluded.